- 3 min
Paris, 9 January 2009
Crédit Agricole S.A. today signed an agreement to purchase carbon credits from Carbon Capital Markets, a leading carbon trader. During the last carbon assessment of the Group's premises in the Paris metropolitan area, Crédit Agricole committed to cutting energy consumption by 15 per cent by 2010 and to offsetting its unavoidable carbon emissions. Carbon Capital Markets has thus issued 15,000 Certified Emission Reductions (CERs) to the Crédit Agricole S.A. Group.
These CERs are sourced from a United Nations-approved project for wood biomass electricity generation and forestry conservation in Amazonia. In addition, some of the money paid by Crédit Agricole S.A. will be allocated to UNICEF in Brazil, where it will be used for development purposes.
Lionel Fretz, CEO of Carbon Capital Markets, said, “We are delighted to be working with the Crédit Agricole S.A. Group and we welcome its decision to purchase offsets from us. I believe this is a very important step in its commitment to fight climate change”.
Michel Clavé, in charge of sustainable development for the Crédit Agricole Group, added, “More than 90 per cent of our energy consumption from heating, air conditioning and electricity for IT equipment will be offset in this way. By working with Carbon Capital Markets we are demonstrating Crédit Agricole S.A.'s commitment and our determination to mitigate our carbon footprint in a transparent and reliable manner”.
Crédit Agricole S.A. also intends to plant a forest in France, a project that evidences the bank's regional roots and its determination to offset emissions through biodiversity projects.
On 2 December Crédit Agricole S.A. signed the Climate Principles, a code of best practice for tackling climate change. Buying offsets is one of the first practical applications of this commitment.
The Crédit Agricole Group also finances renewable energy projects, including 25 per cent of all French wind farms; and Crédit Agricole Private Equity recently launched a €110 million renewable energy fund.
About Carbon Capital Markets
Based in London, Carbon Capital Markets is specialised in the management of the entire carbon credit cycle, from identifying and managing clean development mechanisms (CDMs) to trading and selling certified emission reductions worldwide.